The new Legacy development will be a 294-unit project, accordingto Doug Killian of Voit Commercial Brokerage, who along with JeffWilliams of Voit's Irvine office, represented the seller.Mid- andhigh-rise multifamily developments have started to dominate theinfill land opportunities in the John Wayne Airport area submarket,Killian notes. He says the land in this marketplace hastraditionally been zoned for commercial use, but residentialdevelopers are entering the market to acquire the land and have itrezoned for housing. The factors driving this push includeincreased demand for corporate housing and lack of developableland, which is driving up land prices, he notes.The 5.2-acreproject will be called Legacy at Main & Jamboree and willfeature a four-story building with approximately 13,000 sf ofretail space on the bottom floor and a multi-story parking garage.The units will be available for leasing in 2005, according toLegacy's website. The developer was represented by Randy Tetac ofO'Donnell/Atkins in its purchase of the project site.The new Legacyunits are being developed in an Orange County apartment market thatis growing in strength, according to a recent research report byMarcus & Millichap. The report notes that job growth and risingmortgage rates have boosted tenant demand. "Apartment owners willbenefit from the increased tenant demand and will be able to raiserents at a more aggressive level without sacrificing occupancy,"the report says.